Directly from Expert
At Paisawaala, we’re committed to making access to personal credit simple, transparent, and hassle-free for everyone. Our platform brings together a wide range of loan options and fully digital processes, helping borrowers find the right lending solution with confidence and ease. With a growing community of satisfied users across India, Paisawaala delivers an experience that is fast, secure, and designed around your financial needs.
Rhishabh Garg
Business Head
5 Tips to Choose the Best Personal Loan Online
Choosing a personal loan becomes easier when you know what to compare. At Paisawaala, we simplify this for you by helping you view offers from multiple lenders in one place. Here are five smart tips to guide your decision:
1. Compare offers from multiple lenders
Review interest rates, estimated EMI, loan amount, processing time, and required documents. Shortlist 2-3 lenders that offer the best blend of affordability and speed.
2. Check offers from lenders you already bank with
Your existing bank or credit card issuer may extend pre-approved or easier personal loan options. These usually come with faster verification, better rates, or lower processing fees.
3. Look at the total cost, not just the rate
Processing fees, prepayment rules, foreclosure charges, and penalties can significantly change your actual cost. Always check the full cost breakdown before finalizing an offer.
4. Pick a tenure that suits your monthly budget
Shorter tenures reduce total interest but increase EMI. Choose a repayment plan that fits comfortably within your monthly budget while still reducing your overall cost.
5. Prefer lenders that offer flexible repayment options
If a lender allows low-cost or free part-prepayments, you can repay early whenever you have extra funds. This helps reduce tenure and saves on interest without straining your budget.
Personal Loan Eligibility Criteria
Personal loan eligibility can differ from one lender to another. To help you get started, here are some common criteria most lenders look for:
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Credit Score: Preferably 750 and above
Salary: Usually Rs 15,000-30,000 a month (Do note: if you have an existing relationship with the bank through a savings account, income eligibility may be lower)
Income: At least Rs 2 lakh p.a. (may vary among self employed professionals & nonprofessionals)
Employment Stability: At least 1 to 2 years of total work experience
Business Continuity: Usually 3 years.
Employer Profile: Salaried employees working with government, public sector undertakings, MNCs and other reputed corporates
Age Limit: 21:60 years. For self employed applicants and pensioners, the maximum age limit may go up to 65 and 75 years, respectively.
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